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How to buy KyberNetwork

A guide to KyberNetwork, how it works and how to buy, sell and trade KyberNetwork Crystal (KNC).

KyberNetwork is a trustless, decentralised cryptocurrency exchange. This Ethereum-based protocol is designed to provide the instant exchange of digital assets and cryptocurrencies with high liquidity.

The KyberNetwork Crystal token (KNC) is used to pay fees on the KyberNetwork platform. To find out how these tokens work, what affects their value and how you can buy KNC in New Zealand, keep reading.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy, sell and trade KNC

KNC is available on a number of popular cryptocurrency exchanges, such as the following:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Easy Crypto Cryptocurrency Exchange
Bank transfer, POLi
NZD

151
cryptocurrencies

Based in New Zealand, Easy Crypto enables users to simply pay in NZD through POLi or bank transfer to access a range of cryptocurrencies.
Changelly Crypto-to-Crypto Exchange
Credit card, Cryptocurrency
USD, GBP, EUR, CAD, MXN, HKD, RUB, NZD, SGD, JPY & 40+ more

156
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

213
cryptocurrencies

Buy 200+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, POLi, Osko, PayID
AUD, NZD

312
cryptocurrencies

Finder Exclusive: Receive $10 BTC on Sign up and Verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

354
cryptocurrencies

Finder Exclusive: Get 10% discount on your fees when signing up through Finder.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Gemini Cryptocurrency Exchange
Bank transfer (ACH), Debit card, Wire transfer
USD, AUD, CAD, EUR, GBP, SGD, HKD, COP

95
cryptocurrencies

Get USD 25 in BTC when you trade USD 100 within 3 days of signing up. T&Cs apply.
Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
FTX Cryptocurrency Exchange
FTX Cryptocurrency Exchange
Credit card, Wire transfer, Silvergate Exchange Network (SEN), Signature SIGNET
USD,EUR,GBP,AUD,HKD,SGD,TRY,ZAR,CAD,CHF,BRL

241
cryptocurrencies

Sign up through Finder for a 5% discount on all trading fees. T&Cs apply.
FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets. Note: Not available for US customers.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

946
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
AAX Cryptocurrency Exchange
AAX Cryptocurrency Exchange
Alipay, Bank transfer, Cash, Neteller, PayPal, Qiwi, SWIFT, WeChat, Western Union, UPI, IMPS, Paytm, Faster Payments (FPS), PayNow, Swish, Payme
AUD, CAD, CNH, CHF, EUR, GBP, HKD, NZD, SGD, USD

110
cryptocurrencies

Get 50 USDT when you sign up through Finder, make USD 10k+ trades and deposit USD 500 worth of crypto. T&Cs apply.
Make fast transactions including spot, futures and P2P trading with this cryptocurrency exchange.
Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Neteller, Skrill, Apple Pay
EUR, GBP, USD, AUD, CAD, PHP, SGD, CHF, HKD, JPY & 30+ more

32
cryptocurrencies

Buy Bitcoin and other popular cryptocurrencies with credit card or debit card on this digital cryptocurrency exchange.

US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

176
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
Coinbase Digital Currency Exchange
Bank transfer (ACH)
USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more

80
cryptocurrencies

Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
Wirex Cryptocurrency Exchange
Wirex Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Bank transfer (SEPA), SWIFT
EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, USD

29
cryptocurrencies

Get a Welcome Bonus of USD 15 in WXT when you sign up with Wirex through Finder. T&Cs apply.
Spend a range of cryptocurrencies anywhere Visa is accepted with the Wirex Crypto Card and earn rewards.
BitPrime Cryptocurrency Retailer
Bank transfer, Credit card, Cryptocurrency, POLi
NZD

96
cryptocurrencies

Based in New Zealand, BitPrime trades around 90+ of the world’s top cryptocurrencies, including bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple.
Bitstamp Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Credit or Debit Card, SEPA, Faster Payments (FPS)
USD, EUR, GBP

45
cryptocurrencies

A global cryptocurrency exchange that facilitates crypto to fiat transactions, where you can use EUR or USD to buy bitcoin and popular altcoins.
Bithumb Cryptocurrency Exchange
Cryptocurrency
KRW

207
cryptocurrencies

A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
Huobi Cryptocurrency Exchange
AdvCash, Cryptocurrency, SWIFT, Wire transfer
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more

250
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
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How to buy KNC: A step-by-step guide

If you’d like to buy KNC in New Zealand, here’s an example of how you can do it:

Step 1. Register for an account with an exchange that allows you to buy KNC

To get started, search for an exchange that lists KNC in one or more currency pairings. You’ll then need to sign up for an account by entering your email address and creating a password.

Many exchanges will require your full name, contact details and a valid form of photo ID before you can deposit funds and start trading. We also recommend enabling 2-factor authentication on your account for an added layer of security.

Step 2. Deposit funds into your account

It’s not currently possible to exchange New Zealand dollars (NZD) for KNC. As a result, you will have to first acquire a crypto that’s listed in a currency pairing with KNC, for example Ether (ETH) or bitcoin (BTC), and then exchange it for KNC. An exchange like Binance allows you to do this.

Step 3. Buy KNC

Now it’s time to click through to the markets section of your chosen exchange and search for your desired currency pairing. If you’re using Binance, navigate to the “Funds” tab and choose “Deposits/Withdrawals”. From there you will see a list of supported currencies. Find KNC and click the “Deposit” button.

Before confirming your purchase, make sure you review the full details of the transaction and that you’re happy with the total cost.

How to sell KNC

The process for selling KNC is essentially the same as the process outlined in step 3 above, but in reverse. However, it’s also important to be aware that cryptocurrency exchanges only offer specific currency pairings, so it may not be possible to directly exchange your KNC for your desired currency.

KNC wallets

KNC tokens are ERC20-compliant tokens on the Ethereum network and can be stored in any Ethereum-compliant wallet, such as the following:

How KyberNetwork works

Announced in 2017, KyberNetwork is the brainchild of blockchain technology developers Loi Luu, Yaron Velner and Victor Tran. Vitalik Buterin, the founder and chief scientist of Ethereum, is also listed as an advisor. Its ICO was held in September 2017 and made headlines after raising around US$60 million in a little over a day.

Central exchanges are unable to provide instant transfers as well as being vulnerable to internal fraud and external hacking. To combat this, the developers set out to create a decentralised exchange that allows for the instant exchange and conversion of cryptocurrency coins and tokens.

The aim of KyberNetwork is to allow users to hold coins in their own wallets and to exchange them instantly for other tokens using smart contracts. KyberNetwork claims this will allow it to offer the following:

  • The ability to transfer tokens to anyone
  • The ability to pay someone else in any token, using the tokens you own
  • Instant trades with no waiting around to receive your tokens
  • High liquidity (rather than maintaining a global order book, KyberNetwork maintains a reserve warehouse which holds an appropriate amount of crypto tokens)
  • Trustless trading on a network that is secure against attacks
  • Compatibility with existing smart contracts

What to consider before you buy KNC

Buying cryptocurrency is complicated and speculative, with several risks you need to be aware of before you purchase any cryptos. If you’re thinking of buying KNC, make sure you take the following factors into consideration first:

  • Supply. A total of 226,000,000 KNC were minted during the KyberNetwork ICO, with a little over 61% of that amount distributed to public participants. According to CoinMarketCap, at the time of writing (23 January 2018) there were 134,132,697 KNC in circulation.
  • Token use. A reserve manager maintains the reserve of tokens, determines exchange rates and feeds the rates to the KyberNetwork. KNC tokens are needed to operate a reserve, with a small KNC fee charged to the reserve each time an exchange takes place. Those fees cover network operational costs and are also used to reward third parties (for example wallets and blockchain explorers) that introduce additional trade volume to the platform.
  • Burning of tokens. Once the KNC tokens generated from fees have been used to cover operational costs and reward third parties, those tokens will be taken out of circulation. This will eventually cause the circulating supply of KNC to decrease.
  • Commercial partnerships. It’s important to stay abreast of the commercial partnerships any crypto has with other companies and their potential for growth and development. For example, KyberNetwork has recently partnered with interconnecting blockchain network ICON and Ethereum payment service Coinduck.
  • Roadmap. If you want to know what future technological developments are scheduled for KyberNetwork, check out the “Roadmap” section on the company’s website. For example, support for cross-chain trading is slated for introduction in early 2019, which means that in the short term, KyberNetwork will only be able to support the trading of ERC20 tokens.
  • Market competition. It’s also important to consider the competition KyberNetwork will face from other companies operating in the same sector. For example, OmiseGO and 0x are two other cryptocurrency exchange projects worth researching.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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